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IFC’s €55 Million Investment in Wind Farm to Boost Renewable Energy in Turkey


In Washington, D.C.:
Zibu Sibanda
Phone: + 1-202-473-0605

E-mail: zsibanda@ifc.org

In Istanbul:
Basak Pamir Ulgen
Phone: +90 (212)-385-3075
E-mail:
bulgen@ifc.org


Washington, D.C., May 11, 2009—IFC, a member of the World Bank Group, is providing €55 million for the construction of a 135-megawatt wind farm by Turkey’s Rotor Elektrik Uretim A.S. that will help the country curb electricity supply shortages using sources of renewable energy.

The new on-shore independent wind farm will contribute to Turkey’s efforts to address global warming by reducing pollution. IFC’s €55 million financing will cover roughly 25 percent of project costs. The European Bank for Reconstruction and Development is investing €45 million and the European Investment Bank, is lending 30 million under guarantees provided by DenizBank and HSBC.

“We are very ambitious in renewable-energy projects, which will play an extremely important role in our country’s future,” said Murat Sungur Bursa, CEO of Zorlu Energy Group. “We want to thank IFC, EIB, EBRD, Denizbank, and HSBC for partnering with us to develop the largest wind farm in Turkey.”

Turkey is the sixth-largest electricity market in Europe and one of the fastest-growing globally. The project will help position the country as an emerging-market destination for wind-power investments. The wind farm, which is expected to commence operations at the end of 2009, will also develop Turkey’s strong wind energy resources, boosting output by 35% and displacing approximately 241,000 tons of carbon emissions a year. Wind power currently constitutes a minimal percentage of total electricity consumed in Turkey, thus the project could have a significant impact on the country’s goal of connecting 10,000 megawatts of wind capacity by 2020.

“As global demand for energy grows and the economic and environmental costs of fossil fuels increase, developing local renewable energy resources becomes essential to sustainable development,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia. “IFC is pleased to support the further development of Turkey’s renewable-energy portfolio through this partnership with Rotor Elektrik.”

About IFC
 
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org.

About Rotor Electric Power Production Inc
Rotor was purchased by Zorlu Energy Group in 2007. The company was founded to build, operate, and provide maintenance to wind farms as well as electricity, steam, and heat production facilities based on all forms of renewable energy. It also sells produced electric power, heat, and steam. For more information, visit www.zoren.com.tr.